Oil prices soar after new US attacks and sanctions on Iran

Oil prices soared this Wednesday (8), after the United States launched new attacks against Iran, in response to Iranian actions against commercial ships near the Strait of Hormuz, and reinstated sanctions on the country's oil exports.

Brent oil futures contracts, a global benchmark, jumped 5.8%, to US$ 76.20 per barrel, at 2 am (Brasília time). WTI, the American benchmark, advanced 2.75%, to US$ 72.38 per barrel.

The new tensions highlight the fragility of the preliminary agreement signed between the two countries, which have seen successive escalations in hostilities in recent weeks. In response to the new American attacks, Iran accused the United States of violating the memorandum of understanding between the two countries and promised a "devastating response".

Iran's Foreign Ministry on Tuesday condemned the US Treasury's decision to revoke the temporary suspension of sanctions on Iranian oil sales, saying the decision violates the Islamabad memorandum to end the war.

The United States has revoked a general license that authorized the sale of Iranian oil, an American official said on Tuesday (7), warning that Iran's actions in the Strait of Hormuz were "totally unacceptable" and would have consequences, following attacks on oil tankers in the shipping lane.

At least four oil and gas tankers had turned around and given up crossing the Strait of Hormuz by Wednesday morning, according to maritime tracking data, as new attacks on vessels in the strategic waterway raised security concerns.

Data released this week showed that US Strategic Reserve oil inventories fell to their lowest level since 1983, leaving markets more vulnerable to future supply shocks.

*with information from Reuters

Why is the Strait of Hormuz so important to the world economy?

Source: CNN